PP increased
Golden Goliath Increases Private Placement
Vancouver, July 30, 2020, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F) (Frankfurt: GGZ)
VANCOUVER, CANADA –July 30, 2020: Golden Goliath Resources Ltd. (“Golden Goliath” or the “Company”) is very pleased to announce that the previously announced private placement is oversubscribed and will be increased. Originally announced as $2.5 million, subsciptions totalling
$2,631,000 have now been received and the Company will increase the amount by $131,000 to accomodate the existing subscriptions. The first tranche of $2.22 million received Exchange approval on July 28. The second Tranche is expected to close on Tuesday August 4.
As announced, the financing consists of a combination of flow-through units priced at $0.20 with a half warrant priced at $0.30 and non flow-through units priced at $0.15 with a full warrant priced at $0.30. Each full warrant will entitle the holder to purchase an additional common share at a price of $0.30 for a period of 24 months from the date of closing of the private placement. Once resale restrictions on the Shares having expired and upon Company’s shares trading at or above a weighted average trading price of $0.45 for 20 consecutive trading days, the Company may give notice that the Warrants will expire 30 days from the date of providing such notice (in writing to Warrant holders and via a news release).
This private placement is being offered on a non-brokered basis and the Units will be subject to a statutory hold period of four months and a day from the closing date of the Offering. The Company may pay a finder’s fee on a portion of the gross proceeds of the private placement. The Offering remains subject to regulatory approval.
The Company intends to use the net proceeds of the Offering to conduct a drilling program on the Company’s Kwai property in the Red Lake mining district and for general working capital.